Across
- 3. a tax structure where the greater amount earned; the greater the tax (examples are federal and state taxes).
- 7. In 1943 federal income tax withheld from your paycheck came into being with the passage of the Current Tax Payment Act. Employers must submit reports to the Internal Revenue Service (IRS) quarterly (941) and to employees annually (W-2 Wage and Tax Statement). It is calculated based on your marital status and number of dependents.
- 12. A state tax imposed on the employee’s gross earnings
- 14. Federal form used by employers in order to determine the correct amount of federal & state income tax to withhold. Filled out by employee the first day of work.
- 15. a flat rate tax structure that based on percent of income. Has max limits over certain salaries (examples include social security, medicare and unemployment/disability).
Down
- 1. Salary, wage, pay, or benefits received for the performance of a service.
- 2. All time worked in excess of straight time
- 4. The amount you earn before taxes
- 5. Federal Tax form completed by employers at the end of the year indicating the amount of wages earned and deductions taken.
- 6. Compensation in the form of a percentage of total sales
- 8. The amount you take home after deductions (taxes, medical insurance, retirement).
- 9. Also known as Social Security Tax--provides retirement income, disability income, and income to surviving spouse for child care 6.2% of gross pay; maximum $90,000
- 10. Compensation based on the number of pieces completed during a pay period
- 11. medical insurance for people collecting Social Security 1.45% of gross pay: no maximum
- 13. Usually the first 40 hours worked per week (also called regular time)